Binance registers in Sweden alongside other expansion and recruitment efforts
Binance has received permission to operate in Sweden, according to a notice published by the cryptocurrency exchange on January 11.
Binance registry in Sweden
Today’s announcement indicates that the Financial Supervisory Authority (FSA) has registered Binance Nordics AB as a financial institution.
This development means that Swedish users can fully use standard Binance functions, including crypto trading and deposits and withdrawals in euros.
Swedish users will also get access to Binance Pay and Binance’s Visa card, which allows users to spend crypto on their accounts at various merchants.
In addition, Swedish users will have access to Binance’s various staking, mining and storage functions. Meanwhile, new projects will be able to use the company’s launch programs — Launchpad and Launchpool.
Sweden is the seventh EU country that Binance has expanded to. That above all introduced its services in France in May 2022 and also held licenses in Italy, Lithuania, Spain, Cyprus and Poland. The company now holds licenses in fifteen jurisdictions (or fourteenexcluding Sweden) and serves users in more than 140 countries.
Binance has not indicated when its Swedish users will see the effects of registration. But one manager said that “successful migration and launch of local operations” comes next. The company will also employ local employees in Sweden.
Binance plans to hire spree
News of Binance’s northern expansion comes alongside reports that the company intends to expand its team in an upcoming hiring round.
CNBC reported today that Binance plans to increase its workforce by 15% to 30% by 2023, increasing the number of employees from 3,000 to around 8,000. CEO Changpeng Zhao announced that plan at a conference in Switzerland. Zhao further explained that Binance hopes to grow ahead of the next bull market.
However, some competing exchanges are making cuts due to the tough cryptocurrency market. Over the past week, Huobi announced that it would lay off about 20% of its staff, while Coin base said it would lay off 950 workers.
Binance is currently the largest exchange by trading volume, having handled $7 billion in crypto trades in the past 24 hours. Its dominance likely allows it to hire aggressively even if its competitors are cautious.